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Eversource Energy

ES provides electric and gas distribution and electric transmission to CT, NH and Western MA. The company owns six regulated gas and electric utilities in addition to its FERC regulated transmission. The company now owns a small water distribution segment from it's acqusition of Aquarion Water which closed in December 2017 and represents <5% of total earnings. ES is one of the lowest risk utilities from an operating perspective it has no exposure to unregulated merchant generation and therefore has little to no commodity price exposure. ES is a mostly rate regulated transmission and distribution focused utility with a service area spanning across multiple New England jurisdictions. CL&P is the largest of ES's utility operating subsidiaries followed by Public Service Co. of New Hampshire (PSNH). ES remains optimistic on offshore wind opportunities despite not being selected as the winning bidder for the recent Massachusetts RFP. The company sees the potential over the next 7-8 years for additional offshore wind investments between New England and NY. (13 Dec 2018)

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MEAG: Power and General Power Revenue Bonds

Municipals Analysis: 12 Dec 2018, 5:50 AM ET - On Wednesday the Municipal Electric Authority of Georgia will issue $175 mn Power Revenue and $70 mn General Power Revenue Bonds which correspond and will be on a parity with its outstanding Project One and General Resolution Bonds.
Focused

IG Note: EverSource New Issue, Buy 10Y to +115

IG Note: 10 Dec 2018, 9:32 AM ET - Eversource Energy (ES: Baa1/A) is in the market today with new 5Y and 10Y notes for GCP and to refi short-term debt. We are buyers of the ES 10Y bonds at around +115, which compares to the company's outstanding 2028's in the +110-115 range.

Xcel Energy: Plans to go 100% Renewable by 2050

Worth Watching: 04 Dec 2018, 11:26 PM ET - Xcel Energy  (A3/BBB+) announced plans to serve all of its customers across eight Midwest and Rocky Mountain states with 100% renewable energy by 2050 and also expects to see an 80% reduction in CO2 emissions by 2030 from 2005 levels.  The comp ..

PacGas & Edison Updates; Upgrading EIX Holdco/Opco

Company Analysis: 03 Dec 2018, 6:06 AM ET - We are upgrading Edison parent debt and SoCalEd opco debt from Market perform to Outperform based on wide bond spreads and balances sheets that can easily handle a $10 billion worst-case scenario.  

Oil & Gas: HY E&P Cash Flows at $50/bbl Oil

Sector Analysis: 28 Nov 2018, 4:10 AM ET - We now see HY E&P 2019 cash flows coming in 24% lower than previously expected at our new $50/WTI price deck ($65/WTI old).  We expect to see a mix of capex cuts, divestitures and incremental borrowings next year.

Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.

PacGas: Positive PUC Talk; Bailout Cust. Impact

Worth Watching: 15 Nov 2018, 11:57 PM ET - PacGas (opco Baa3/BBB) got some much needed good news that caused the stock to rally after-hours when the head of the California Public Utilities Commission (CPUC) indicated on a BofA investor call that the commission supported having a strong ..

PacGas: Model Update and Questions/Thoughts

Company Analysis: 14 Nov 2018, 4:16 AM ET - We provide some thoughts on the latest PacGas situation, questions we want answered, and some modeling framework for whatever the ultimate claims come in at. 

PacGas: Downgrade to M/P; Need another Bill Passed

Company Analysis: 11 Nov 2018, 8:24 PM ET - We are downgrading PacGas opco bonds from Marketperform to Underperform based on the recent SB 901 bill not including 2018 wildfires and recent negative press reports on PCG equipment near the source and timing of the current fires. 
Focused

Utilities: Questions We Want Answered at EEI

Sector Analysis: 08 Nov 2018, 4:37 AM ET - We are heading to EEI in San Francisco for the annual investor conference and lay out in this report the bondholder questions we want answered from various management teams.

PacGas: Focus Turns to Rate-Case & Stress Test

Company Analysis: 05 Nov 2018, 3:31 PM ET - We reiterate our contrarian Outperform rating on PCG opco bonds given the uneventful 3Q earnings report. 

Utilities: 3Q FFO Tracker; Unchanged YoY So Far

Sector Analysis: 05 Nov 2018, 5:18 AM ET - We still have not seen any significant negative impact from tax reform from the over 15 utilities in our core coverage that have full 3Q cash flow statements available.
Focused

Eversource: 3Q18 Conf. Call Takeaways & Q&A Notes

Worth Watching: 02 Nov 2018, 10:46 AM ET - Eversource  Energy (Baa1/A) reported 3Q18 operating EPS of $0.91/shr, up ~11% YoY and slightly above consensus estimates of $0.90/shr for the quarter. Positive results were mainly driven by increased investments and higher distribution margins ..

Framing Berkshire’s Nevada Utility Ballot Vote

Company Analysis: 01 Nov 2018, 10:05 PM ET - We don't see any concerns for bondholders and frame Nevada ballot question #3 for bondholders. 

ESG and Utilities: CSights Sector View and Ratings

Sector Analysis: 30 Oct 2018, 3:25 PM ET - We are following up the formal launch of the CreditSights ESG investing framework with a in-depth look at ESG issues in the utility sector.

FirstEnergy: 3Q Follow-up; Conf. Call Q&A Notes

Company Analysis: 26 Oct 2018, 2:12 PM ET - We follow-up our earlier FirstEnergy (Baa3/BBB-) report with a summary and commentary on the conference call Q&A. 

FirstEnergy: Strong 3Q - Favorite Utility Holdco

Worth Watching: 25 Oct 2018, 10:27 PM ET - FirstEnergy  (Baa3/BBB-) reported LTM FFO/debt slipped slightly from 2Q but this is due to 4Q17 and 1Q18 still including positive cash flows from the now fully exited genco so the slip was fully expected and FE remains our top pick for U.S. uti ..

HY Power: Yieldco Rel Val @ +230-310; Pros & Cons

Sector Analysis: 15 Oct 2018, 5:10 AM ET - We update our relative value picks/pans for the Yieldco sector and provide pros and cons for the sector as a whole and each company. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Utilities: 2020 EPS Estimates vs. LTM, +13% Avg

Sector Analysis: 09 Oct 2018, 5:21 AM ET - We compare 2020 consensus EPS estimates to LTM and comment on the top five and bottom five names in the sector and the potential impact on credit quality. 

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